Due to purchasing interest in mid-cap companies, equity investors stopped the downturn and made over N132 billion in gains by midweek. Indicators of stock market performance increased by 0.34% during a fresh exchange bull run.
Price increases in NESTLE (+9.52%), SEPLAT (+10.00%), TRANSCORP (+1.34%), UCAP (+0.29%), and 17 other companies were the main drivers of the positive performance and kept the All-Share-Index in positive territory.
The local exchange’s data revealed that the year-to-date return increased to 39.09%, with investors’ wealth rising by almost ₦132 billion. Atlass Portfolios Limited said in its daily update that the NGX All-Share Index, which measures the market index, rose by 243.51 basis points, or +0.34%, to close at 71,284.56.
However, trade figures indicated that market activity was uneven. On Wednesday, the overall value traded increased by +17.64%, while the total volume traded decreased by -32.55%. According to stockbrokers’ reports, 6,579 trades totaling about 360.60 million units at a value of ₦6,610.74 million were completed.
With 16.46% of the total amount of transactions, GTCO was the most traded stock in terms of volume. On the volume chart, the financial services group was followed by TRANSCORP (7.92%), UBA (6.20%), NSLTECH (5.97%), and ACCESSCORP (4.60%).
With 33.45% of all trades on the market, GTCO was the most traded stock in terms of value, which was determined by both its size advantage and trading pattern.
SEPLAT topped the advancers’ chart with a price appreciation of 10.00 per cent, trailed by MEYER (9.79%), SUNUASSUR (+9.56%), NESTLE (+9.52%), CONHALLPLC (+9.24%), and sixteen others.
Thirty-eight stocks depreciated, Atlass Portfolios Limited told investors in an email. GUINEAINS was the top loser, with a price depreciation of -10.00%. The top loser was followed by OMATEK (-9.88%), NEIMETH (-9.45%), CUSTODIAN (-5.84%), STERLINGNG (-3.23%), and OANDO (-2.17%).
According to details from the Nigerian Exchange, the market breadth closed negative, recording 21 gainers and 38 losers. It was noted that the market sector performance was positive. Naira Devaluation Deepens Economic Crisis in Nigeria
Three of the five major market sectors inched higher, stockbrokers said. The indices were led by the Oil & Gas sector which grew by (+6.06%), followed by the Insurance sector which popped higher by 1.17%.
The Consumer goods sector also gained +0.89% while the Banking sector dropped by -0.56%. The Industrial sector closed flat. Overall, equities market capitalisation jumped by ₦132.45 billion to close at ₦39.01 trillion from ₦38.88 trillion yesterday.
